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The Pope of the Church of Capitalism - Ed Jewett - 06-10-2011
JOURNAL: The Pope of the Church of Capitalism
Let's step a bit outside of the day to day grind. I spent a bit of time watching the Chairman of the Federal Reserve "scold" Congress. This got my brain thinking a bit outside the box. So I'll share with you my thoughts.The Chairman of the Federal Reserve is part:
- Religious figure. The Pope of the Church of Capitalism. The leader of the Church. Final arbiter on the meaning of scripture (arcane economic indicators and economic papers). Is trained in ancient mysteries (economics). Has a council of Cardinals (the Fed board). He also issues indulgences (bailouts and free loans) to banks that he likes.
- Royalty. A king of Capitalism. Surrounded by the noble houses of Goldman, JP Morgan, US Bank, and Citibank. Is trotted out to "stabilize" and "orient" government action. Protector of the privileges of nobility (a national/perpetual first night). Be-suited in the garb of royalty. Sometimes (as above) deigns to speak to the assembly of commoners.
- Ideologue. General Secretary of the Capitalist Party. When he speaks, the party faithful in the markets listen. He ensures the purity of the ideology (Capitalism). Fights to expand the party's influence around the world. Has analysts devoted to watching/deciphering the actions of his Capitalist Politburo.
Posted by John Robb on Wednesday, 05 October 2011 at 09:11 AM | Permalink